Queensland recorded a loss of $1.3 billion in stamp-duty revenue this year due to a slowdown in the property market, according to the Housing Industry Association (HIA).
“For the third year in a row, the Queensland Budget shows that stamp-duty revenues have fallen well below government forecasts,” said HIA Regional Executive Director Mike Roberts. “Revenue from stamp duty is highly unreliable, and it tends to fall away just as governments need additional revenue to invest to stimulate the economy. This is very much the case in this year’s Queensland budget.”
The fall in stamp duty revenue is impeding the government’s ability to support the economy and reverse the downturn in the property market.
The government also announced the changes to payroll tax for small business.
“The increase in the payroll tax-free threshold to $1.3 million and commitment to regional development, along with ongoing infrastructure investments, are welcome components of today’s budget that will support activity and confidence,” said Roberts.
HIA said that measures to support growth in the economy are necessary as the Queensland economy continues to cool.
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